Superannuation Contributions Determination
SCD 2004/3
Superannuation contributions: what is the surcharge threshold for the 2004-2005 financial year under the Termination Payments Tax (Assessment and Collection) Act 1997 ?
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FOI status:
may be released| Preamble |
| Superannuation Contributions Determinations do not have the force of law. Each decision made by the Australian Taxation Office is made on the merits of the individual case having regard to any relevant Rulings and Determinations. |
1. The Termination Payments Tax (Assessment and Collection) Act 1997 (TPT(AC)A) provides that for each financial year the surcharge threshold is to be an amount which reflects movements in full-time adult average weekly ordinary time earnings (AWOTE).
2. To ascertain the surcharge threshold, an indexation factor is calculated by dividing the index number for the last quarter in the current March year by the index number for the last quarter in the previous March year. The index number for a quarter is the AWOTE estimate for the middle month of the quarter published by the Australian Statistician.
3. The Australian Statistician's AWOTE estimate for February 2004 was $947.80 and the estimate for February 2003 was $900.40. This produces an indexation factor of 1.053. This factor, when multiplied by the surcharge threshold for the previous year, produces the surcharge threshold for the current year.
4. Superannuation Contributions Determination SCD 2003/3 specifies the previous surcharge threshold for the 2003-2004 financial year as $94,691.
5. For the purposes of subsection 10(2) of the TPT(AC)A, the surcharge threshold for the 2004-2005 financial year is:
- • $99,710.
Date of effect
6. This Determination applies to the 2004-2005 financial year.
Commissioner of Taxation
11 June 2004
Not previously issued in draft form.
Previous Determinations:
References
ATO references:
NO 2004/6292
Related Rulings/Determinations:
SCD 2004/1
SCD 2004/2
SCD 2004/4
Subject References:
average weekly ordinary time earnings
earnings base
financial year
indexation
indexation factor
minimum contribution base
superannuation contributions
surcharge
surcharge threshold
threshold
Legislative References:
TPT(AC)A 1997
TPT(AC)A 1997 10(2)
| Date: | Version: | Change: | |
| You are here | 11 June 2004 | Original ruling | |
| 29 January 2014 | Withdrawn |